The grenade that economist Joseph Stiglitz threw from left field at the euro (EUR) yesterday, was a one-day hit. You see… The euro is back to moving higher versus the dollar this morning. More on that, and the RBA leaving their powder dry, in today’s issue, so let’s go!
[Read more...]Silver Nears 30-Year High
September 24, 2010 by Leave a Comment
Well… The one-day of profit-taking and soft data selling in the currencies is water under the bridge, and the currencies are back to kicking sand in the face of the dollar. And gold? The shiny metal is knocking on the door to $1,300, and silver is near a 30-year high! So… In my book, this is a Fantastico Friday!
[Read more...]A Flat Day Trading Currencies
August 30, 2010 by Leave a Comment
Recall, last Friday, we were waiting for the second quarter GDP print to see if any of the Fed Heads at the Jackson Hole boondoggle would comment on what I expected to see, which was GDP falling to 1.5%…
Well… I should have booked a flight to Vegas on Friday, as I darn near hit the GDP downward revision bang on! The actual number, that is if you even believe that this number is really the “actual numberâ€�, was 1.6% for the second qurarter. But, I don’t gamble, except for my annual World Series bet on the Cardinals, and an occasional neighborhood, nickel, dime poker game, so… I’ll stick to writing…
[Read more...]Bailing On a Canadian Dollar Rate Hike?
August 23, 2010 by Leave a Comment
So, it looks to me that all my warnings about the euro (EUR) not being out of the woods just yet, were bang on… You see the “heatâ€� is back on the Eurozone’s debt problems, which is strange in that there were two successful bond auctions by member countries last week… You see, to me this is nothing more than the old saying about when the US sneezes the rest of the world gets a cold, is coming into play right now.
[Read more...]Japanese Yen Hits a 15-Year High Versus the US Dollar
August 12, 2010 by Leave a Comment
I told you yesterday that the FOMC had set off some fireworks with their statements the other day, and those fireworks turned into a major sell-off in the risk assets yesterday… Stocks, currencies and commodities, all sold in a major way!
Stocks were down 2.5%, the euro (EUR) was down three whole cents, and gold lost ground… I would think that the 3-cent sell-off was a bit overdone… We’ll have to wait-n-see… But there was good news for Japanese yen (JPY) holders… The yen hit a 15-year high yesterday, when it traded, albeit briefly, below 85… I was a foreign bond and currency trader at the old Mark Twain Bank in 1995, and I truly recall when yen was 85 in 1995… I have to say that, in some ways, those days are very reminiscent of today… Like investors flocking to yen when yields are non-existent and the country is wallowing in deflation and a rising national debt…
[Read more...]Will the FOMC Announce More Quantitative Easing?
August 10, 2010 by Leave a Comment
Well, that slippage that I was seeing yesterday morning turned into a dollar rally, and has continued throughout the night with the euro (EUR) losing 1 1/4-cents… It’s about the same with Aussie dollars (AUD), and the Norwegian krone (NOK), which I highlighted yesterday, and gave it the old “Pfennig kiss of deathâ€�!
[Read more...]Moody’s Downgrades Greek Debt. Euro Sell-Off Short-Lived.
June 15, 2010 by Leave a Comment
That risk assets rally that we were watching yesterday morning ran into a speed bump around noon… Yes, the euro (EUR) was nearing 1.23, Aussie (AUD) was looking as though it would touch 87-cents, and so on… But then along came Moody’s… Talk about bad timing! OK… Let me set this up for you…
[Read more...]
European Confidence the Highest Since 2007
As we draw closer and closer to the FOMC meeting next week, the clearer the markets believe they are to figuring out what the FOMC might do with regards to quantitative easing (QE)… So, I found some quotes from bond king, Bill Gross, and analyst, Mark Gilbert, regarding what they see. You won’t want to miss their quotes!
[Read more...]Click for detailed story